Category killers are giant specialty stores that carry a very deep assortment of a particular line
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TRUE
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Winkler Company borrows $87,000 and pledges its receivables as security. The journal entry to record this transaction would be:
A. Debit Note Receivable $87,000 and credit Accounts Receivable $87,000. B. Debit Cash $87,000 and credit Notes Payable $87,000. C. Debit Cash of $87,000 and credit Accounts Payable $87,000. D. Debit Cash of $87,000 and credit Accounts Receivable $87,000. E. Debit Accounts Receivable $87,000 and credit Notes Payable $87,000.
An item would be considered material and therefore would be disclosed in the financial statements if the
a. expected benefits of disclosure exceed the additional costs. b. impact on earnings is greater than 3 percent. c. FASB definition of materiality is met. d. omission of misstatement of the amount would make a difference to the users.
Crytrin Manufacturing, Inc contracted with Molfrey, Inc to manufacture three large pieces of equipment. The contract contained a clause stating that Crytrin agreed to repair or replace any defective equipment, but that was the only remedy Molfry would have. This clause
a. is an effective disclaimer. b. will not keep Molfry from obtaining consequential damages since, under the UCC, consequential damages cannot be excluded. c. is a limitation of remedy clause, which limits or excludes normal remedies permitted under the UCC. d. limits any express warranties made by Crytrin.
Preferred stock may be convertible
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